A comparative study of bidding models adopted by Brazil, Peru, Colombia and Uruguay for granting petroleum exploration and production rights

Over the last two decades, the upstream sector of the oil and gas industry in Latin America has undergone major modifications in the relationship between government and investors. It is possible to identify two big waves of changes in the legal frameworks of countries in the region. The first was during the 1990s, when the movement was for openness and incentives for private capital. The second wave arose after the turn of the century, with more inclination for greater state participation in the sector. This work focuses on the main ideas of economic policy in the upstream sector, where the main motivations for the alternation in the relationship among government and private investors will be pointed out. The article also gives a brief summary of the main changes made in the most important countries in recent years, and details the bidding processes of Brazil, Colombia, Peru and Uruguay.